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Integrated Report 2017 Integrated Report

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Integrated Report 2017 Integrated Report 2017 Integrated ReportIntegrated 2017 Integrated Report Our sustainable value creation Consolidated Non-Financial Statement pursuant to Legislative Decree 254/2016 unicreditgroup.eu Report structure Index UniCredit published a Sustainability Report each year from 2000 to 2013. In line with the most recent international developments Chief Executive Officer’s Message 4 in corporate reporting, since 2014 the Group has continued to report on sustainability in an Integrated Report (the “Report”) under the GRI Guidelines and the IIRC Framework. The aim is to describe the Group’s financial and sustainability performance, business model, corporate governance, risk management, compliance, competitive environment, strategy and capitals. Highlights 6 UniCredit has prepared this document in compliance with the requirements of Articles 3 and 4 of Legislative Decree 254/2016, Our Purpose & Identity 8 which implements European Directive 2014/95/EU in Italy. In addition, the Report is part of UniCredit’s principled effort Our Value Creation over time 10 to further develop its compliance with the European Commission’s Guidelines on non-financial reporting and advance Governance 12 understanding of all aspects of its business. Risk Management and Compliance 14 The Report has been approved by the Board of Directors of UniCredit SpA on March 5th, 2018 and has been produced by the Group Sustainability & Foundations function, in collaboration with the Strategy, Business Development and M&A function. Our Business Environment 20 In 2017, in line with the requirements of Legislative Decree 254/2016, a specific policy was adopted to define the roles, Business Model in action 22 responsibilities, activities and controls and to coordinate the flow of information between UniCredit’s parent company, regions, Stakeholder Engagement 24 divisions and legal entities in relation to the process of preparing the Consolidated Non-Financial Statement. The Report should be considered in its entirety, including its Supplement, which is available in the Sustainability section of our Our Strategy 26 website (www.unicreditgroup.eu) and contains a number of essential indicators and underlying quantitative data. Strategic plan 28 The guidelines adopted for the preparation of the sustainability information included in the 2017 Integrated Report, including Integration of Strategic Pillars and Capitals 28 the Supplement, are the “G4 Sustainability Reporting Guidelines” and the “Financial Services Sector Disclosures,” both issued Strengthen and optimize capital 29 in May 2013 by the Global Reporting Initiative (GRI). The principles contained in the International <IR> Framework, published in Improve asset quality 30 December 2013 by the International Integrated Reporting Council (IIRC), were also used as reporting framework. Transform operating model and Maximize value of the commercial bank 31 Figures and information relating to the Scope 1, Scope 2 and Scope 3 classes of greenhouse gas emissions have been prepared Adopt lean but strong corporate center 37 in accordance with “The Greenhouse Gas Protocol: A Corporate, Accounting and Reporting Standard (Revised Edition, 2004)” as Divisional KPIs 39 well as the “G4 Sustainability Reporting Guidelines.” Capitals 40 The information in the Report addresses the issues that were identified as material and their associated indicators, which reflect Financial Capital 40 the main economic, environmental and social impacts of the Group or could have a substantial influence on the views and Human Capital 42 decisions of its stakeholders. The materiality analysis, updated in 2017, was fundamental to the Report and determined the topics Social and relationship Capital 46 to be reported on, in line with the needs of the stakeholders. Following the analysis of the relevant topics indicated in Article 3 Natural Capital 56 of the Legislative Decree 254/2016, the use of water was not considered significant for the representation in this Consolidated Intellectual Capital 60 Non-Financial Statement. The content of this Report refers to the year 2017 and to the activities of UniCredit during the year, unless otherwise stated. Figures UniCredit Contribution to the Sustainable Development Goals 63 relating to previous years are provided for comparison, to enable where possible an assessment of the Group’s activities over time. To determine the reporting boundaries, in 2017, a risk-based analysis of the Group’s legal entities consolidated on a line by line GRI and UN Global Compact Indexes 64 basis was carried out by UniCredit SpA. The purpose was to identify the relevant companies and ensure the Report would provide a proper understanding of the Group’s activities, development, performance and relevant impacts. This reporting perimeter Report of the External Auditors 73 represents 97% of Group’s FTEs. The reporting boundaries include 14 countries where the Group has significant operations: Italy, Germany and Austria in Western Europe, and Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Supplement Romania, Russia, Serbia, Slovakia and Slovenia in Central and Eastern Europe. This year, data and information relating to Bank Determination and distribution of Value Added S. 2 Pekao, Pioneer Global Asset Management and their subsidiaries are not included in the reporting boundaries, following the sale of Main partnerships and affiliations S. 4 Bank Pekao to Powszechny Zakład Ubezpieczeń SA in June 2017 and of Pioneer to Amundi in July 2017. For figures related to the exposure to renewable energy sector, Yapi Kredi (accounted for by the equity method in the Consolidated Report and Accounts) Selection of 2017 awards S. 8 portfolio has been included pro quota. Community contribution and initiatives in support of Communities included in the “Social Governance S. 10 and relationship Capital” chapter include data and information related to UniCredit Foundation and UniCredit & Universities Risk Management and Compliance S. 16 Knight of Labor Ugo Foscolo Foundation (the “UniCredit & Universities Foscolo Foundation”), not included in the perimeter of the Stakeholder Engagement S. 32 Consolidated Report and Accounts. The perimeter considered in the paragraph of the Supplement “Compliance - Whistleblowing” Human Capital S. 36 includes the legal entities currently monitored and considered relevant by Group Compliance. For figures related to staffing and Social and relationship Capital S. 50 calculations of the Value Added, the scope of the Report corresponds to the 2017 Consolidated Reports and Accounts, unless Natural Capital S. 54 otherwise indicated. Any conditions that may limit the scope of the data are clearly disclosed throughout the Report. To ensure reliability, the Report includes directly measurable quantities and limits the use of estimates as much as possible. Potential estimates are based on the best available information or spot checks. Restatements of previously published figures that have been provided for comparison are clearly indicated as such. The Report was subject of a limited assurance engagement (according to the criteria set out by the ISAE 3000 Revised principle) by Deloitte & Touche S.p.A., which, at the end of the work performed, released a specific report with regard to the compliance of the information contained in the Consolidated Non-financial Statement prepared by UniCredit as required by the Legislative Decree 254/2016. 2 UniCredit • 2017 Integrated Report UniCredit • 2017 Integrated Report 3 Our investments in digital aim to improve the network with new service models for retail and customer experience as we continue to optimise SME customers as well as a strong multichannel Chief Executive our processes and our cost base. New commercial strategy. Cost reductions are progressing according dynamics are driving how we train and develop to plan. In two other core divisions, CEE and CIB, our people. we have further strengthened our leadership Officer's positions while keeping a strong focus on risk. Our management is clear on this vision and their message actions are underpinned by a strict long-term Finally, In terms of adopting a lean but incentives structure based on the plan’s key steering centre, decisions taken at our latest performing indicators. All our people are focused EGM concerning, for example, a simplified share on the ongoing execution of Transform 2019. structure, position us as best in class in terms It is their energy, commitment and hard work of European corporate governance. which allows UniCredit to deliver tangible results. Finally, on behalf of the Board of Directors and As presented to investors at the 2017 Capital the whole Group, I would like to extend a special Markets Day in December, our performance thanks to Giuseppe Vita, whose successful tenure is fully on track and we have confirmed all as the Chairman of UniCredit is coming to a the Transform 2019 key targets, with a better close. Giuseppe's significant contributions over risk profile and an improved dividend payout. the past six years have been very precious to We are transforming our development. His vision and support have through decisive We have strengthened our capital position, enabled UniCredit to grow into one of the few resulting in a lower SREP Pillar 2 Requirement truly pan European commercial banks. actions. Everything and an S&P upgrade to a BBB rating with a stable outlook. We have confirmed our 2019 CET1 ratio Sincerely, we do is designed target whilst anticipating additional regulatory to make UniCredit
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